Physical plastic transaction cards (e.g., a payment card such as a debit card or a Visa® credit card) may contain embedded contactless communications technology within the card to enable transmission of transaction card information to a contactless reader at a point-of-sale terminal. Such technology may include specialized integrated circuits (ICs) and antennas that communicate, for example, using the Near Field Communications (NFC) standard.
Modern mobile devices have also started to incorporate such contactless communications technology. Software applications executing on these mobile devices may be configured to use the contactless technology embedded in the mobile devices to enable the mobile device to function as a transaction card.
To avoid having to carry both a mobile device and physical transaction cards, users may desire to load their existing transaction cards onto their mobile device.
Existing methods of loading such existing plastic transaction cards are inefficient and error-prone as they require the manual entry of the transaction card information (e.g., credit card number and expiry date) onto the mobile device.
There is thus a need for improved systems and methods of loading a transaction card onto a mobile device.
After the transaction card is loaded onto the mobile device, the mobile device may be configured for conducting mobile payment transactions, such as peer-to-peer transactions. Certain peer-to-peer payments, such as “I Owe You”s (IOUs), can be difficult to enforce due to their informal nature. Furthermore, the party owing the IOU may not remember to repay the IOU even if that party has available funding.
There is, thus, also a need for ensuring automatic repayment of IOUs as soon as repayment funds are available.